Helios acquires Lloyd’s of London’s North Breache Underwriting

Helios acquires Lloyd's of London’s North Breache Underwriting

LONDON, UK: Helios Underwriting has acquired North Breache Underwriting Limited, a limited liability member of Lloyd’s of London.

The total consideration paid for North Breache was £3.9 million, of which £3.4 million was paid on completion in cash and £0.5 million has been satisfied by the issue of 304,878 new ordinary shares in Helios at 164 pence per share.

Application has been made for the New Ordinary Shares to be admitted to trading on AIM of London Stock Exchange.

The 2021 underwriting capacity of North Breache is £3.9 million. North Breache participates in a spread of Lloyd’s syndicates that broadly matches the existing portfolio of Helios and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd’s.

The consideration represents a discount of approximately 7.5% to the independent valuation of £4.2 million placed on North Breache by Humphrey’s.

In the year ended 31 December 2020, North Breache made a profit before tax of £0.1 million on gross premiums written of £4.0 million. Syndicate capacity with an estimated market value of £1.5 million has been included in the transaction.

In addition to the North Breache transaction, Helios is continuing to pursue a number of further Lloyd’s LLV acquisitions in line with its strategy.

Terms have been agreed in principle and contractual documentation is being finalised for a further 21 Limited Liability Vehicles which in aggregate have capacity of £22.7m. Further announcements will be made following completion of these transactions.

Helios Underwriting provides a limited liability direct investment into the Lloyd’s insurance market and is quoted on the London Stock Exchange’s AIM market.

Helios trades within the Lloyd’s insurance market writing approximately £110 million of capacity for the 2021 account. The portfolio provides a good spread of business being concentrated in property insurance and reinsurance. www.huwplc.com

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